Cardinal in Milan, RedBird tightens: binding signatures in a short time

Paul Singer arrived in Milan to pay homage to the Italian Champion team: after the party, he returned to the States. Now it is Milan that will follow him: here it will be about the sale of the club, with the command that will pass from Elliott to RedBird, another American fund based in New York.

The Scudetto celebrated last Sunday in the Sassuolo stadium will not remain the only historical event of the summer: the times for the transfer of ownership are short, a matter of days. The parties will proceed with the signing of the binding contract, which will be followed by the announcement: the first phase will thus be concluded. In the second, the agreements will be finalized and all the technical steps necessary for the actual transfer of the shares will be completed: this will require a longer period of time. A minority part will remain with Elliott, who in the meantime will collect one billion and three hundred million.

Cardinal’s journey

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Other clues prove that the deal is (almost) done. Paul Singer was not the only one to embark in New York with destination Milan. He was followed by Gerry Cardinale, founder of RedBird. In recent days he has based in the city, and here he wanted to measure the distance between the center and Sesto San Giovanni, exactly from the area where the new stadium could also be built. There was no need to do the same with the San Siro area, already known to Cardinal. A new, proprietary and multifunctional plant is central today, as demonstrated by the commitment of President Scaroni. And it will also be in the American RedBird project. Ready to take flight.

Continuity

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Same flag as Elliott and same business strategy. With the aim that the results are similar, if not even better: with the current ownership, Milan has imposed itself on the Italian competition. The Scudetto will also give a further boost on the commercial level, which has already been consolidated. A virtuous circle in which RedBird will have to enter to relaunch the club’s ambitions also in Europe. Always in the name of competitiveness and sustainability, concepts that seemed to contradict and which Elliott has shown can be perfectly combined. Giorgio Furlani, Elliott’s portfolio manager, reiterated this to Forbes: “Milan, historically speaking, belongs to the same group as Real Madrid, Barcelona, ​​Bayern Munich, etc … It came from years of difficulty but now we are starting to fill that gap. The path we started was difficult but also interesting and fun. The next phase in my opinion has even greater potential. ”

Elliott rebuilt the foundations, then made the structure solid and finally raised AC Milan above the entire Italian competition: the potential that can still be developed, exploiting the results obtained on the sporting and financial level, will allow to increase revenues and therefore to always make the team is better equipped. To compete also in Europe.

Investcorp withdraws

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As RedBird advances, Investcorp officially withdraws from the race. As it had been for entering the scene, the renunciation of the deal is also announced on Twitter. On his official account, Mohammed Alardhi, president of the Bahrain financial company, addressed the thousands of followers as follows: “We discussed with Elliott about a potential investment in AC Milan. How can happen in these cases, no agreement has been reached. commercial and we have decided by mutual agreement to close the talks. We wish Milan all the best for next season and beyond. ” RedBird’s proposal has surpassed that of Investcorp, previously estimated at one billion and 180 million. In addition to the consistency of the offer (and the fact that the Americans will not charge debts on the club) there are the skills that the new owners will be able to develop in the Rossoneri club, starting from what has been done in the other sports properties: from Toulouse in France to Liverpool in the Premier League. , club in which he participates as a minority shareholder of Fenway Sports Group. The idea is to merge football, media and entertainment. A modern vision: so Milan is already in the future.